Which reason explains why joint-stock companies were created to fund British colonial settlements instead of the option suggested in this excerpt?
REASONS OR MOTIVES for the raising of a PUBLIC STOCK
to be employed for the peopling and discovering of such
countries as may be found most convenient for the supply
of those defects which this Realm of England most
requires.
Where colonies are founded for a public-[welfare), they
may continue in better obedience and become more
industrious than where private men are absolute backers
of a voyage. Men of better behavior and quality will engage
themselves in a public service, which carries more
reputation with it, than a private, which is for the most part
ignominious in the end, because it is presumed to aim at a
profit and is subject to rivalry, fraud, and envy, and when it
is at the greatest height of fortune can hardly be tolerated
because of the jealousy of the state.